Adam Back Calls Bitcoin ‘Super Cheap’ at Current Levels – Crypto News – Crypto News
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Old Bitcoin Whales Move 90,000 BTC as Market Activity Cools Old Bitcoin Whales Move 90,000 BTC as Market Activity Cools


Adam Back Calls Bitcoin ‘Super Cheap’ at Current Levels – Crypto News



Adam Back, the CEO of Blockstream, has just stated that Bitcoin is “super cheap” at its current market price of $66,720. This statement comes after a 4.77% fall in Bitcoin’s value. Back implies that the market does not fully understand the value of Bitcoin. He is of the opinion that a few bear markets are what it takes for the investors to understand the money’s value.

Back’s remarks are opposite to the latest comments of other present-day industry players, who predict a steep fall in the price of Bitcoin. For example, Jeff Ross from Vailshire Capital forecasts a possible 40% correction after halving. However, despite such forecasts, Back remains upbeat on the long-term potential of Bitcoin and argues that a large rally in its price is due.

Halving Event Could Impact Bitcoin Prices

Although Adam Back sees a substantial growth prospect for BTC, some industry experts do not share his optimism. Jeff Ross expects the price of Bitcoin to fall, a view also echoed by Arthur Hayes, co-founder of BitMEX. Hayes also cautions against a potential drop before the halving event, a routine event to reduce the amount of new BTC’s in circulation.

Back, however, remains bullish in spite of these bearish predictions. He even suggests that Bitcoin can reach $700,000 if it captures a market cap similar to gold. This would be a monumental leap from its current levels.

Defiance 2X Short MSTR ETF criticism

Further to his comments on Bitcoin price, Adam Back’s harsh comments on Defiance 2X Short MSTR ETF are openly stated. He called the financial product “terrible,” saying that it would never survive. To Back, it is risky because the ETF targets to short MicroStrategy Incorporated, a company overly invested in Bitcoin. Back, however, states that BTC’s volatility and its high correlation with MicroStrategy’s stock present an important danger for investors who apply such a strategy.

Read Also: Will El Salvador Change Its Bitcoin Laws For IMF’s $1.4B Loan?

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Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.